Strategic Financial Concepts LLC Makes New Investment in SoFi Technologies, Inc. (NASDAQ:SOFI)

Strategic Financial Concepts LLC purchased a new position in SoFi Technologies, Inc. (NASDAQ:SOFI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 10,047 shares of the company’s stock, valued at approximately $66,000.

A number of other large investors have also bought and sold shares of SOFI. Norges Bank purchased a new position in SoFi Technologies in the 4th quarter worth approximately $71,349,000. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of SoFi Technologies by 176.3% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 10,767,302 shares of the company’s stock worth $78,601,000 after buying an additional 6,870,610 shares during the last quarter. Nikko Asset Management Americas Inc. grew its position in shares of SoFi Technologies by 176.3% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 10,767,302 shares of the company’s stock worth $78,494,000 after buying an additional 6,870,610 shares during the last quarter. Vanguard Group Inc. grew its position in shares of SoFi Technologies by 6.6% in the 4th quarter. Vanguard Group Inc. now owns 81,459,986 shares of the company’s stock worth $810,527,000 after buying an additional 5,057,233 shares during the last quarter. Finally, Dimensional Fund Advisors LP bought a new stake in shares of SoFi Technologies in the 4th quarter worth approximately $38,595,000. 38.43% of the stock is owned by hedge funds and other institutional investors.

SoFi Technologies Stock Down 0.4 %

Shares of NASDAQ:SOFI opened at $7.05 on Wednesday. SoFi Technologies, Inc. has a 12-month low of $6.01 and a 12-month high of $10.49. The stock has a fifty day simple moving average of $7.13 and a two-hundred day simple moving average of $7.18. The company has a current ratio of 0.88, a quick ratio of 0.21 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $7.45 billion, a price-to-earnings ratio of -22.74, a PEG ratio of 1.42 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 earnings per share for the quarter, hitting the consensus estimate of $0.01. SoFi Technologies had a positive return on equity of 2.25% and a negative net margin of 5.15%. The firm had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $565.19 million. During the same quarter in the previous year, the business earned ($0.06) earnings per share. The company’s revenue was up 20.2% on a year-over-year basis. On average, research analysts anticipate that SoFi Technologies, Inc. will post 0.1 earnings per share for the current fiscal year.

Insider Transactions at SoFi Technologies

In other news, EVP Kelli Keough sold 24,939 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total value of $181,057.14. Following the completion of the transaction, the executive vice president now owns 114,407 shares in the company, valued at $830,594.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Kelli Keough sold 24,939 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $7.26, for a total transaction of $181,057.14. Following the completion of the sale, the executive vice president now owns 114,407 shares in the company, valued at $830,594.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Anthony Noto acquired 30,715 shares of SoFi Technologies stock in a transaction that occurred on Friday, June 14th. The shares were purchased at an average price of $6.48 per share, with a total value of $199,033.20. Following the transaction, the chief executive officer now owns 8,121,844 shares of the company’s stock, valued at approximately $52,629,549.12. The disclosure for this purchase can be found here. Insiders sold 19,921,285 shares of company stock worth $135,057,462 over the last quarter. 2.60% of the stock is currently owned by insiders.

Analyst Ratings Changes

SOFI has been the topic of a number of recent analyst reports. BTIG Research assumed coverage on SoFi Technologies in a research report on Friday, June 7th. They issued a “neutral” rating on the stock. Needham & Company LLC restated a “buy” rating and set a $10.00 price target on shares of SoFi Technologies in a research report on Wednesday, July 31st. Barclays dropped their price target on SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. Finally, Keefe, Bruyette & Woods dropped their price target on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating on the stock in a research report on Tuesday, July 9th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.14.

SoFi Technologies Company Profile

SoFi Technologies, Inc provides various financial services in the United States, Latin America, and Canada. It operates through three segments: Lending, Technology Platform, and Financial Services. The company offers lending and financial services and products that allows its members to borrow, save, spend, invest, and protect money.